Bernstein analyst Gautam Chhugani has maintained their bullish stance on COIN stock, giving a Buy rating today.
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Gautam Chhugani has given his Buy rating due to a combination of factors that highlight Coinbase’s strategic positioning and growth potential. The recent inclusion of Coinbase in the S&P 500 marks a significant milestone, reflecting its growing importance in the financial sector and the broader acceptance of the crypto industry. This inclusion is expected to drive substantial passive and active fund inflows, estimated at around $16 billion, which could positively impact the stock’s performance.
Furthermore, Coinbase’s dominant market share in the U.S. crypto exchange space and its role as a key player in the crypto financial ecosystem position it well to benefit from the U.S. government’s supportive stance towards making the country a crypto hub. Despite concerns about competition and fee pressures, Chhugani believes that the potential for market expansion and earnings growth, with an expected EPS CAGR of approximately 38%, supports a positive outlook for Coinbase. This optimistic forecast is significantly ahead of consensus estimates for the coming years, reinforcing the Buy recommendation.
According to TipRanks, Chhugani is a 4-star analyst with an average return of 21.7% and a 59.09% success rate. Chhugani covers the Financial sector, focusing on stocks such as Riot Platforms, Coinbase Global, and Marathon Digital Holdings.
In another report released today, Monness also upgraded the stock to a Buy with a $300.00 price target.